The present invention relates to a new high-speed steel, which has been designed particularly for tools the use of which requires a good hot hardness and a high wear resistance. For this type of application commercial steels have previously been used, such as grade ASP.RTM.30 (currently available from Erasteel Kloster Aktiebolag, a Swedish corporation) which has the nominal composition 1.3 C, 0.4 Si, 0.3 Mn, 4.0 Cr, 5.0 Mo, 6.3 W, 8.5 Co, 3.1 V, balance iron and unavoidable impurities, or of grade ASP.RTM.60 (also available from Erasteel Kloster Aktiebolag), which has the nominal composition 2.3 C, 0.5 Si, 0.3 Mn, 4.0 Cr, 7.0 Mo, 6.5 W, 10.5 Co, 6.5 V, balance iron and unavoidable impurities. The purpose of the invention is to provide a high-speed steel having a still better hot hardness and a still higher wear resistance than the commercially available grades ASP.RTM.30 and ASP.RTM.60 as well as than other high-speed steels, known in the art, with a similar composition.